In the world of technology stocks, tech giants like Amazon, Apple, Google, Netflix and Facebook, although they are best performers, are still losing shine when compared to a few others, especially a carmaker run by a maverick. Trading on NASDAQ makes it quite evident that FAANG shares are not what investors love these days, in fact there is panic selling witnessed in many. It is shocking to see such trend in technology stocks as, after all, some of them are the world’s best companies. Remember: Apple becoming first $1 trillion mark company, which was soon followed by Amazon. However, with every glory day comes a setback and this is the example FAANG stocks have put on view.
In this midst, it becomes very important to know the right investment, after all no one wants to lose their money in market. Guess what! There is a new money making stock in town, and this time it is none other than Elon Musk led Tesla on which experts are quite optimistic. Not only this, Tesla looks quite more appealing than even Apple and Amazon.
Wedbush Securities reviewed Tesla shares on Friday and gave an outperform rating, saying Elon Musk’s electric vehicle and energy storage company is now in the top echelon of 21st century technology companies, reported CNBC.
Wedbush analyst Daniel Ives reportedly said in a note to investors,”Tesla has evolved into one of the most dynamic technology innovators over the last 30 years and, in our opinion, has put itself into an esteemed category of companies such as Apple and Amazon that have revolutionized consumer buying habits and behaviors over the last decade.
Not only this, Ives sees Tesla becoming “a technology titan over the coming years despite the near-term turbulence.”
Ives is not alone who feels Tesla is the new big winner.
The Motley Fool’s report mentioned that Deutsche Bank sees no sign of Tesla slowing down.
The Motley’s report says, for the next couple of years at least, until major automotive rivals begin producing their own electric cars in large numbers, Deutsche sees Tesla operating in a “league of its own.”
It needs to be noted that, Tesla’s shares have already jumped by a whopping 129% on yearly basis during Q3 – which resulted in profit generation of $311.5 million and positive free cash flow of $831.5 million.
In Wedbush’s view, Tesla has a potential of reaching $440 price.
On Friday, Tesla shares finished at $365.71 down by 2.9%. On the other hand, Amazon shares slipped by 4.01% ending at $1,591.91 and those of Apple shares ended at $165.48 below by 3.20%.